Melio Business Payments vs Relay | Business Banking Usage & Stats

Melio, a business payment platform, is built to give businesses of all sizes the ability to save time, maximize cash flow, and gain more control over its finances—all from one place. Melio’s payment app makes it even easier for you to send money and track payments wherever you are. Quickly scan bills and invoices or add them manually. Send money and approve any payment, even on-the-go. WITH THE MELIO APP YOU CAN: Pay your way: choose ACH, card, or check Add a vendor directly from your contacts Track each payment, every step of the way Scan invoices and instantly upload your bills Approve payments in a click FOCUS ON WHAT MATTERS Spend 50% less time on bill pay—use our auto-bill capture, sync your accounting software, and collaborate with accountants and team members. OPTIMIZE WORKFLOWS Pay multiple bills at once, combine bills to the same vendors, and set up recurring payments. ENJOY FULL PAYMENT CONTROL Schedule payments, track them, and get a full overview—all from your phone. IMPROVE CASH FLOW Hold onto cash longer and put it towards your business by choosing your payment method and delivery speed. Pay by credit card (2.9% fee), Fast ACH, or pay over time. PAY YOUR WAY Pay via ACH, credit card, debit card, or check. Vendors get paid how they want, without even signing up. Melio is trusted by top financial institutions and was named to the 2024 Forbes Fintech 50 list, honoring the most innovative private financial technology companies. Melio was also named one of the top 250 fintech companies by CNBC this year.
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Relay is online business banking that puts small business owners in complete control of their cash flow. What Relay offers: • 20 checking accounts to earmark cash for operations, payroll, taxes and more • Multiple debit and credit cards—with built-in spend policies—to meticulously organize spending by team or project • 1.5% cash back* on all credit card purchases, and savings accounts with up to 3.00% APY** to help you grow reserves • All the payment types you could need—including ACH transfers, wires and checks (yes, including paper checks!) • Automations—like maximum-balance transfer rules—that make money move for you so can focus on running your business Plus, each business is insured up to $3M for funds on deposit via Thread Bank, Member FDIC.*** Learn more at relayfi.com. Relay is a financial technology company, not a bank. Banking services are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® cards are accepted. The Relay Visa® Credit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. *Terms and conditions apply to the cash back rewards program. Cash back will be credited to your Relay checking account at the end of your 30-day billing cycle. ATM transactions, the purchase of money orders or cash equivalents made with your Relay Visa® Credit Card are not eligible for cash back. Please refer to https://relayfi.com/visa-signature-rewards-program-terms for more details. **The interest rates and annual percentage yield on your account are accurate as of 9/18/2024 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1.00%-3.00% depending on the balances held. Earn 1.00% APY on savings balances of less than $50,000, 1.50% APY on savings between $50,000 and $250,000, 2.00% APY on savings balances between $250,000 and $1,000,000 and 3.00% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account. ***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in Thread Bank, Member FDIC’s deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
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Melio Business Payments vs. Relay | Business Banking ranking comparison

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Melio Business Payments VS.
Relay | Business Banking

December 19, 2024